BWX is understood to have called in long-time adviser Bell Potter to oversee a raising slated for early this week, with proceeds used to shore up the company’s financial position ahead of its June 30 balance date.
The rescue raising would be accompanied by a surprise profit downgrade, to be issued only 1½ months after BWX provided earnings guidance for the almost completed 2022 financial year and five weeks after an investor day. It would suggest trading dropped off materially in recent weeks. A fire-sale raising would cap a horror stretch for the former market darling, which owns consumer brands including Sukin, Go-To and Andalou Naturals, and e-commerce platforms.
And poor Twiggy’s Tattarang only two weeks ago bought $30M and $1.10 per share. That’s got to sting.
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